By YU Hao

WANG Huiwen, co-founder of Meituan, one of the largest food delivery platforms in China, said on Monday that he has founded an AI company with the intention of making it the Chinese peer of OpenAI.

Wang has personally contributed US$50 million (340 million yuan) to the company Guang Nian Zhi Wai (Lightyears Away). The company’s market value is already over US$200 million after a US$230 million financing round.

Hardcore technology

When Wang retired from Meituan in 2020 at the age of 41, he was already a slightly unusual figure in the Chinese business world. He claimed not to like managing other people, but in his position, he had no choice, and would rather spend more time with his family.

Wang’s years of doing something he didn’t much enjoy were well compensated when he cashed out his shares in Meituan for HK$390 million. Before that, he was in charge of Meituan’s delivery and ride-hailing businesses.

A veteran entrepreneur, Wang is known for his experience in e-commerce and consumption. Wang co-founded Xiaonei.com, one of China's first college social network websites, in 2005. But hardcore technologies like AI are not his specialty.

Generous boss

Wang will only participate in corporate affairs, steering the new company through some uncharted waters, and plans to leave the hard research to those best qualified. In Monday’s announcement, Wang said 75 percent of the company would be on offer to talent who specialize in AI.

“I don’t know much about AI, but I’m learning,” he said. “If you join my company, you don’t have to worry about anything but how to show your talent.”